Photon Energy ends 2020 with improved EBITDA
Photon Energy closed 2020 with revenues of EUR 28.258 million, down 6.3% year-on-year, according to a report by the Warsaw Business Journal.
Revenues from the sale of technology decreased by 27.8% year-on-year which was influenced by the demanding environment in connection with the coronavirus pandemic. The company, in turn, recorded a solid increase in revenues from the sale of electricity, which amounted to 17.6%. Last year, the company's EBITDA increased by 3.2% year-on-year to EUR8.19 billion, thanks to a favorable revenue structure and improved gross margins in all types of business.
"Thanks to the experience gained, we constantly expand our possibilities, combining resources and know-how in the field of photovoltaics, energy storage as well as water purification technology, in order to offer comprehensive and flexible services. In 2020, we consolidated our business and we are pleased with the business opportunities that 2021 will bring," Georg Hotar, CEO of Photon Energy, said.
In 2020, Photon Energy launched photovoltaic power plants with a total capacity of 23.0 MWp in Hungary as part of its own portfolio, providing them with long-term financing, while the total capacity in the O&M segment (operation and maintenance of photovoltaic installations) increased by 34 MWp.
In the analyzed period, the construction of two industrial-scale photovoltaic power plants located in Leeton, New South Wales (Australia) with a total capacity of 14.6 MWp was started, and on Lord Howe Island (also Australia), the construction of a hybrid solar energy storage system using a battery was completed. Significant progress was also made in the development of projects in Hungary, Romania and Poland, where the company increased its portfolio of photovoltaic power plant projects under preparation to a total capacity of over 200 MWp.
Last year was a breakthrough for Photon Energy in terms of its presence on capital markets, as the company's shares were moved from alternative markets to the main (regulated) Warsaw and Prague stock exchanges. Moreover, the company's stock was introduced to trading on the Frankfurt Quotation Board.
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